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Shari‘ah harmonization in financial reporting standardization
Alahmari, Nouf Saleh
Alahmari, Nouf Saleh
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Supervisor
Date
2017
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Abstract
The concept by Shariah harmonization in financial reporting standard Would be advantageous for Saudi Arabian banking system. This study aims at analyzing the perception of stakeholders in Saudi Arabian banks. The study Also examines the perception of insiders and outsiders of the banks about Islamic financial reporting standards by answering the statements on the factors : Shariah harmonization efforts for Islamic bank in financial reporting standard , Shariah harmonization as an important criterion to have single financial reporting standard, and choice between Shariah harmonization of practice de facto over harmonization of rules de jure. The data for the study was collected through administration of close –end questionnaire ( survey) and the responses of 110 respondents was used in data analyzing using ANOVA. The results of the study reveal that these is no significant difference in the perception of insiders and outsiders about all the factors included in this study .However , the respondents recognize the need for a framework for Islamic financial standards and for a unified fatwa for the banks .In addition, they disagree with the adoptions of IFRS by the Islamic banks. The finding of this study can be used by policy makers and banks managers to reshape the banking system according to the aspirations of the stakeholders .